The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
W alter L ippm ann WADI NG RIVER LONG ISLAND, N. Y. May 17, 1936 Honorable M. S. Eccles Board of Governors Federal Reserve System Washington, D. C. Dear Governor Eccles: Thank you for sending me the talk, which I read with greatest interest. As you know, I am in substantial agreement with your own philosophy in these matters. My one quarrel with your speech is that you treat this aspect of the administration's policy as if it existed separated from what in rough description we might call the collectivist measures. Surely they have greatly counteracted and neutralized and made more difficult the monetary and financial policy. In fact, there have been two contradictory philosophies at work and my impression is that if your philosophy had been applied consistently, leaving the other one aside, it would have worked twice as effectively. At that, it is pulling us out of the hole and overcoming the damage done by the other policy as well. Sincerely yours,
@FedFRASER